Macau

Crown Resorts’ decision to halve its stake in its Melco Crown Entertainment venture is not a call on the Macau market, but rather a decision to refocus on Australia, analysts say.

Melco International Development Limited today announced that it has signed a privately negotiated agreement to purchase 198,000,000 ordinary shares, or 13.4 percent of MCE’s current shares outstanding, from Crown Asia Investments Pty. Ltd.

The mass segment is expected to dominate Macau’s gross gaming revenue in 2017, according to independent research and professional services firm Spectrum Gaming Group.

Legend Palace Hotel will start trial operations in mid-January, just before Chinese New Year, according to Macau Legend Development co-chairman and chief executive officer David Chow.

Macau’s gross gaming revenue (GGR) month to date (Dec 1-11) was MOP7.6 billion (US$951.1 million), implying an ADR of MOP 686 million, according to a note from Bernstein on Monday.

Macau luxury hotel, The 13 is nearing completion and on track to open in the first quarter of 2017, according to its operator.

The Secretary for Economy and Finance, Lionel Leong says the city’s new withdrawal limits for mainland bank cards would not have any impact on the gaming industry.

Macau is preparing to cut the amount of cash China UnionPay card holders can withdraw from ATM machines, in a move from China to curb capital flight.

Paulo Martins Chan, director of the Gaming Inspection and Coordination Bureau says he is hopeful for revenue growth in Macau’s gaming sector in 2017.

Macau’s Financial Intelligence Office received a total of 1,118 suspicious transaction reports during the first half of 2016, a surge of 22.9 percent compared to the first half of 2015, according to data released from the Office.

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